The board of directors of TVS Motor Company today cleared a proposal to invest up to $50 million to set up a manfuacturing plant in Indonesia with an initial capacity of 1.20 lakh two-wheelers.According to a release issued by the company to the BSE today, the board also cleared a proposal to set up a manufacturing facility for three-wheelers at the existing Mysore plant with an initial annual capacity of one lakh vehicles. "The estimated cost of the project will be Rs 100 crore," the release said.A project for setting up a two-wheeler unit in Himachal Pradesh with an initial annual capacity of three lakh vehicles at an estimated cost of Rs 90 crore was also cleared at the board meeting today."The company also proposes to invest Rs 40 crore by subscribing to the proposed 6% redeemable preference shares by TVS Finance and Services," the release said.
